MANILA (Reuters) - The Philippine transport regulator said on Friday it would lift a one-month suspension on Uber Technologies Inc [UBER.UL] if it paid a penalty of 190 million pesos ($3.7 million), a fine nearly 20 times greater than Uber had offered to pay.

The Land Transportation Franchising and Regulatory Board, or LTFRB, said Uber also needed to collectively pay its drivers nearly 20 million pesos daily as financial assistance during the suspension period.

"We are working hard to meet the conditions for the lifting of the suspension and hope to resume operations as soon as possible," Uber said in a statement.

The regulator halted Uber's operations for a month from Aug. 14 for disregarding a directive to stop accepting new driver applications.

Uber, which said it did not process those applications, later told the LTFRB it could pay a fine of 10 million pesos to get the suspension lifted.

The Uber freeze has attracted public attention because many Philippine commuters regard the ride hailing app as more reliable and competitive than mainstream transport services.

Uber recently said it had nearly 67,000 Philippine drivers.

The LTFRB said the penalty was calculated by "taking into consideration the number of days that (Uber) should be suspended in relation to the daily average income."

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